The combination of low returns and high fees has been a major turnoff for many. Consequently, equities have become the only game in town for many investors, driving ever larger pools of capital to this asset class, and that has obviously had an impact on equity valuations. One could therefore – with some right – argue that, as things stand (i.e. with interest rates as low as they are), using past valuation comparisons as your starting point is not necessarily valid when making a call on current valuations. That said, as interest rates normalise (as they will do eventually), and the appetite
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